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A cryptocurrency researcher has provided information on the repayment schedule for creditors of the bankrupt FTX exchange, outlining what those affected can expect and when they can expect to receive their funds.
The update comes after the FTX bankruptcy plan was approved on October 8, 2024, and the repayment timeline is now taking shape.
The researcher detailed the expected repayment periods based on the value of creditors' claims:
- For claims under $50,000: Creditors can expect a one-time payment between January and March 2025.
- For receivables over $50,000: Multiple payments are scheduled to be made throughout 2025, covering the first and fourth quarters.
The timeline is dependent on the bankruptcy plan’s effective date, which is set to be within 90 days of the October approval. Payments are expected to be made within 60 days of that effective date, with the earliest payment likely in January 2025, but the latest could be as late as March 2025.
The researcher made estimates of how much creditors could receive:
- For claims under $50,000: A single payment of approximately 118% of the claim value based on the valuation at the bankruptcy date (November 2022).
- For claims over $50,000: Creditors can receive payments of up to 142% of the claim value, to be paid in installments throughout 2025.
Most refunds are expected to be made via wire transfer. However, the researcher expressed concerns for those who are unbanked or who choose not to disclose crypto funds to their banking institutions due to potential tax implications. Creditors who receive wire transfers may be required to disclose the source of the funds and could face tax consequences.
A preferred option for many creditors would be to repay in stablecoins like USDC to avoid bank scrutiny and tax issues, but FTX has not yet decided on this method and needs to find a distribution partner soon for it to be viable.
*This is not investment advice.